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Ximen Mining draws down on its equity financing facility with Alumina

It provides Ximen with up to C$8 million over 24 months to fund exploration and continuing acquisition of gold assets in British Columbia

Ximen Mining Corp -
It gives Ximen relatively quick access to private placement financing as and when required, through tranches of up to C$500,000 each

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) said it has drawn down on its equity financing facility with Alumina Partners to the tune of C$150,000. 

In the tranche which closed on January 29, Alumina received 500,000 units of Ximen consisting of company shares priced at C$0.30 and an 18-month warrant exercisable at C$0.45 each. 

The facility provides Ximen with up to C$8 million over 24 months to fund exploration and continuing acquisition of gold assets in British Columbia.

READ: Ximen Mining expands its ground in Nelson and Camp McKinney gold camps, BC

It gives Ximen relatively quick access to private placement financing as and when required, through tranches of up to C$500,000 each.

Also in today's statement, Ximen said it was going ahead with a shares-for-debt filing to pay outstanding debts of C$270,000.

Around 771,428  Ximen shares will be issued to pay these outstanding payables. The shares-for-debt agreement is subject to approval by the TSX Venture Exchange and, if issued, will be subject to the customary four-month hold period.

On Tuesday this week, Ximen said it had expanded its footprint in the Nelson and Greenwood areas of British Columbia with the acquisition of new claims.

The Vancouver-based firm has bought 100% interests in the California Gold Nelson mineral claim in the Nelson camp, and the CMM mineral claim in the Camp McKinney gold camp from a private individual, it told investors.

Quick facts: Ximen Mining Corp

Price: 0.36 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $18.54 m
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